World Bank to Boost Agricultural Commitments in West and Central Africa by $1.5billion
Friday, 02 June 2023 17:34 (Togo First) - The World Bank plans to increase its commitments to the agricultural sector in West and Central Africa by $1.5 billion by next year. This announcement was made by Ousmane Diagana, the institution's VP for West and Central Africa, during a high-level meeting that was recently held in Lomé.
"We are set to increase our investments in the sector, from over $4 billion of already approved and running IDA funds in West and Central Africa, to more than $5.5 billion by 2024," Diagna said during the meeting.
These funds are expected to benefit ongoing initiatives, particularly in the Sahel, like the Food Systems Resilience Program (FSRP), initially funded at $570 million, and now poised to further boost its portfolio.
The Washington-based institution has pledged to support West African countries in implementing the Roadmap on Fertilizers and Soil Health. Funded projects will focus on the Roadmap's priority activities, including the development of soil fertility maps, strengthening research centers, providing advisory services to farmers, and setting up quality standards and controls.
Emphasis will also be put on reforms that will help boost private investments in local fertilizer production, integrated soil fertility management, and greenhouse gas emission reduction. The World Bank will also support mineral and organic fertilizer production, especially green fertilizers.
During the meeting, the World Bank and other regional financial institutions defined concrete objectives, such as tripling fertilizer consumption and doubling agricultural production by 2035, with a more regional and integrated approach to land management and soil health restoration in sight.
Ayi Renaud Dossavi
